1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 16: Security Takeover Disclosure Act


Section 1602 Disclosure requirement

Business Corporation (BSC)

  (a) No offeror shall make a takeover bid unless as soon as practicable on the date of commencement of the takeover bid he files with the attorney general at his New York city office and delivers to the target company at its principal executive offices a registration statement containing the information required by section sixteen hundred three of this article.

  (b) An offeror shall make full and fair disclosure to offerees of the material information set forth in the registration statement filed pursuant to subdivision (a) of this section.

  (c) No solicitation or recommendation to the offerees of a target company to accept or reject a takeover bid shall be made by or on behalf of an offeror or a target company unless at the time copies of such solicitation or recommendation are first published, sent or given to such offerees, the person making such solicitation or recommendation has filed copies of the solicitation or recommendation with the attorney general at his New York city office.